Encourage Your Employees to Speak Up

No-one will understand your business and its operations more than your employees.

If there are any weak spots in a method or tool, you can guarantee your staff will know about them, but they might be afraid to mention them to their manager.

Rather than adopting a “my way or the highway” approach, you must provide your team with the freedom to air their concerns and suggest potential solutions to a problem. The more you involve your team in the company’s operations, the bigger their voice will be within the company.

As a result, they will be more likely to look for possible issues in a process and make an improvement recommendation.

Periodically assessing your business performance will help you to identify areas for improvement, such as changing a marketing strategy or finding ways to lower your overheads to increase your profit margin.

It might also be helpful to set goals to accomplish throughout the year. For example, if you aim to increase your annual revenue, you’ll need to set a goal for how much you want to make and create actionable steps to generate your desired sum.

Look for patterns in your existing data to set a realistic number to aim towards throughout 2019.

Tap into a New Market

If you want to double your profit margin in 2019, it might be time to target a new demographic.

For example, if you run a gym, you could provide college students with a superb membership discount.

If you have yet to do so, you could also move your business onto the web. Tapping into a new market could potentially amplify your annual sales and might ensure your longevity in your chosen industry.